国有股权、国际化水平和企业绩效的阶段动态对比研究——基于我国中小企业板上市公司的实证研究  

A Comparative Research on Dynamic Relationship of Stated Ownership,Internationalization and Firm Performance:Empirical study based on the listed companies of the China’s small and medium-sized Enterprises board

作　　者：党耀国[1] 陆剑锋[1,2] DANG Yao-guo;LU Jian-feng(School of Economics and Management,Nanjing University of Aeronautics and Astronautics,Nanjing 211106,China;School of Marxism,Nantong University,Nantong 226019,China)

机构地区：[1]南京航空航天大学经济与管理学院,江苏南京211106 [2]南通大学马克思主义学院,江苏南通226019

出　　处：《数学的实践与认识》2020年第5期1-14,共14页Mathematics in Practice and Theory

基　　金：国家自然科学基金(71371098,71071077)。

摘　　要：以中小企业板上市公司为研究对象,考察了国际化背景下不同发展阶段企业国有股权和绩效之间的相互关系.独立样本T检验和二元选择模型证明国有股权和国际化水平之间呈现负相关关系;面板数据模型拟合了国际化水平和企业绩效之间的循环S型关系.在此基础上运用166家企业2004-2015年的面板数据分析了国有股权和企业绩效之间的关系.研究表明,在创业期到创业后期,两者关系从线性下降变为U型关系,国有股权和更多大股东的股权制衡关系对企业绩效产生显著影响,同时,国际化对绩效的影响较为稳定,国际化水平和股权制衡的交互作用对企业绩效产生负面影响,并且这种负面性逐渐变小.对于43家国有大型企业下属小公司的进一步研究发现国有股权和企业绩效依然为U型关系,随着大股东数量的增加,股东制衡效应对企业发展起到正面的推动作用,国际化的影响并不显著.Under the background of globalization,this paper adopted the sample of the listed companies of the Small and medium-sized Enterprises Board in China,and studied the relationship between the stated ownership and firm performance in different stages.It is found that there is a negative relationship between the state-owned shares and internalization by independent samples T test and binary choice model,and the panel model fitted a circular S-shaped relationship between internalization and performance.On this basis,with the panel data of 166 companies from 2004 to 2015,we examined the relationship between stated ownership and firm performance.The study shows that,from the start-up period to post start-up period,the relationship between stated ownership and firm performance varies from a negative linear to U-shaped,and the share check and balance between stated ownership and more large shareholders has a significant impact on corporate performance,while the interaction of internationalization and share check and balance has a negative impact on firm performance,moreover,this negative impact gradually become smaller.For the further study of 43 subordinate companies of the large state-owned enterprises,we find that it remains a U-shaped relationship between stated ownership and firm performance,and with the increase of the number of large shareholders,share check and balance promotes firm performance,the impact of internationalization is not significant.

关 键 词：国有股权 企业绩效 国际化 企业成长周期 面板数据 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F272.3